How does microeconomics differ from macroeconomics? Would the supply of iPhones in the United States ...

Answer:

Microeconomics is the study of how individuals, households, firms, and governments make choices, and how those choices affect prices, the allocation of resources, and the well-being of other agents. Macroeconomics is the study of the economy as a whole. Macroeconomists study factors that affect overall – in other words, aggregate – economic performance. Macroeconomics is the study of the forest as a whole. Microeconomics is the study of individual trees.

The supply of iPhones refers to the supply of a good by an individual firm, Apple. Therefore, the iPhone market will be studied under microeconomics. Microeconomics studies how individuals, households, firms and governments make choices, and how those choices affect prices and the allocation of resources. The growth rate of total economic output, on the other hand, refers to the aggregate American economy, and is therefore studied under macroeconomics.